Pensioners hit by 'dramatic rise in living costs'
Pensioners in Britain have been hit by dramatic rises in their living costs over the course of the past ten years, it has been claimed.
According to a report from Clerical Medical, pensioners have seen inflation levels rise by more than one-third since 1998, with housing costs becoming an increasingly heavy financial burden for the elderly.
The findings also show that the typical British pensioner spends 24 per cent more now than was the case seven years ago, which could prompt some people to redouble their efforts at saving for retirement.
"Higher housing costs have been the key factor behind rising living expenses, accounting for a quarter of the total average weekly expenditure of a typical pensioner household," explained Martin Ellis, chief economist for Clerical Medical.
In order to support themselves during retirement the typical pensioner in the UK needs around £326,700, a report from the Life Trust claimed last week.
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